Q3 economic indices mixed

-Govt revenue jumps 7.1 percent
-Imports, exports drop
-Visitor arrivals, room rates up
-Remittances decline
-Bank deposits, loans go down
-Auto sales show uptick

Government spending dropped dramatically during the third quarter of 2008, according to a quarterly economic report issued yesterday by the Department of Commerce.

Government expenditures fell nearly 18 percent to $38.1 million in July-September 2008 from $46.4 million during 2008’s second quarter. This is the lowest number since the second quarter of 2007, when government spending was $38 million.

Both general fund revenue—taxes and fees collected—and business gross revenue saw increases. General fund revenue increased from $39.5 million in the second quarter to $47.37 million in the third quarter—a 7.1-percent increase, while business gross revenue increased from $423.96 million in second quarter 2008 to $427.58 in third quarter 2008—a 0.9-percent increase.

Tourism indicators also saw a boost this quarter.

Visitor numbers rose from 93,939 in the second quarter of 2008 to 97,160 in the third quarter—a 3.4-percent increase, while the average hotel occupancy rate increased 3.8 percent to 59.2 percent during July-September. It was 57 percent in April-June. Average hotel daily rates increased from $92.8 in the second quarter to $101.86 in the third quarter 2008—a 9.8-percent increase.

Both imports and exports saw drops.

Imports fell from 99,470 tons in April-June 2008 to 89,270 tons in July-September.

Exports continue to decline as garment factories close. This quarter saw a 37.8 percent drop—from $25.24 million in second quarter 2008 to $15.7 million in third quarter 2008.

Also, remittances saw a decrease from $19.7 million during April-June 2008 to $19.1 million during July-September 2008—a 3.3-percent decrease.

Although the number of building permits dropped from 57 in the second quarter to 56 in the third quarter 2008, the total value increased from $12.3 million in second quarter to 14.8 million in third quarter.

Telephone lines saw a slight decrease—less than 1 percent—from 29,528 during April-June of this year to 29,487 during July-September of this year.

Banking deposits and loans both decreased in the third quarter of 2008 compared to the second quarter.

Deposits dropped from $478.85million during April-June to $446.34 million during July-September, while loans decreased from$149.14 million during the second quarter of 2008 to $144.65 in the third quarter.

During July-September, auto sales increased 11.5 percent to 252 total cars sold. During April-June 226 cars were sold.